Lyric discussion by binni 

Cover art for Godspell lyrics by Cardigans, The

Sounds like a commentary on the distortion of religion over the ages and the faults and dangers of organized religion.

"I heard about a great big swindle I read about it in a book
The book flew out the window Was later found by thieves and crooks"

Organized religion is just a sham - the leaders just pick and choose how to interpret each part of the Bible and which parts to ignore depending on what gives them the most power/control (the book flew out the window - was later found by thieves and crooks)

"And now they're singin' Hallelujah I'm wonderin' just what did they find They say "what's it to ya? Just take a place in line" "

Anyone who dares question the leaders is told to shut the fuck up.

"I'm one of a few survivors In a drawer labeled lost and found Moon travelers and deep sea divers Whose oxygen supply ran out"

Non-religious people are often described as "lost" by religious people so I think she's referring to her not buying into religion as an organization and thus she is more free than others even though they might label her as "lost".

"Now maybe if their gods be willin' They'll give us somethin', fill our empty cups Sit down in the boat, don't spill it Or we'll just have to line back up"

Refers to how the point of religion often seems to be that people should be sorry for even being born and that they should pay penance for existing every breathing moment in hopes of maybe reaching salvation and enter heaven. Don't ever question the way of the lord because then you're fucked.

"You can hear it in the beat they march to And you can feel the earth shake when they start to dance You can tell by the way they move you It's not murder, it's an act of faith, baby"

The point of religion is to get people not to think for themselves but to go blindly by a higher law (essentially, the only difference between a religion and a cult is how long it's been around and the number of members). Everything is justifiable if it's in the name of religion.

"And as the world moves faster Whiplasin' us round and round It's quite a slow disaster But people keep on fallin' down"

Despite all the progress mankind has made religion still has way too much control over people's lives (and not only the lives of the ones who believe)

My Interpretation